Indian shares pared some gains after hitting record highs in early trade on Monday, with Burger King India soaring almost 100% in its market debut.

By 0451 GMT, the blue chip NSE Nifty 50 index was up 0.25% to 13,548.10 and the benchmark S&P BSE Sensex was up 0.26% to 46,217.30, after each hitting record highs earlier in the session.

Burger King
Burger King, the famous Miami-based fast food joint that launched in India in November this year, may have to find a new name for its brand to operate in the country.Reuters

Both indexes were on track to end higher for the seventh out of last eight sessions.

Indian shares have posted six straight weeks of gains, boosted by record inflows from foreign institutional investors (FIIs), progress on COVID-19 vaccines globally and signs of a nascent economic recovery in the country.

Burger King India was trading at nearly double its initial public offering price 

Burger King India, which runs the franchise of Restaurant Brands International Inc's U.S. chain Burger King, was trading at nearly double its initial public offering price of 60 rupees per share, signalling upbeat sentiment for the country's foodservice sector.

"(A) good amount of liquidity has come from FIIs and that has driven the market substantially," said Anita Gandhi, director at Arihant Capital Markets in Mumbai.

Burger King's IPO was also positive for the fast-moving consumer goods market, she added. The Nifty FMCG Index was up 0.06%.

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